Bill · H.R. 4430· House(119-HR-4430)
Expanding WKSI Eligibility Act
- Introduced
- 7/16/2025
- Last activity
- 12/2/2025 — Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Sponsored by
- Bryan Steil
- Cosponsors
- - 1 - 2
- Introduced
- Passed House
- In Senate committee
What this bill would do
This Act, titled the "Expanding WKSI Eligibility Act," aims to change how an issuer qualifies as a well-known seasoned issuer. It seeks to lower the aggregate market value of voting and non-voting common equity required for this status. Under this bill, an issuer qualifies if the aggregate market value held by non-affiliates is $400,000,000 or more. The Act also requires the Securities and Exchange Commission to publish an annual report regarding specific withdrawn applications. This report must detail applications where an applicant sought a determination not to be considered an ineligible issuer but subsequently withdrew.
Yes· 3 of 5
Is this likely to grow the economy?+2
By lowering WKSI thresholds, the bill may facilitate easier access to capital markets for growing companies.
Does this make what the government does easier for the public to see?+2
The bill mandates annual reporting by the SEC on withdrawn applications, increasing transparency in the WKSI determination process.
Would business owners be better off under this?+2
Business owners of mid-sized companies benefit from more accessible WKSI status for capital raising.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
-
Lowering the threshold for issuer status: By setting the aggregate market value of voting and non-voting common equity held by non-affiliates at $400,000,000 or more, the bill changes the requirements for qualifying as a well-known seasoned issuer (Section 2, Subsection a, Clause 1).
-
Increased transparency through reporting: The Securities and Exchange Commission will be required to publish a report every 90 days after the end of the calendar year regarding the total number of withdrawn applications related to certain determinations (Section 2, Subsection b).
Potential Negative Impacts for People
- No specific negative impacts are explicitly stated in the text provided: The provided text focuses on the new definitions for issuer status and the new reporting requirements for the Securities and Exchange Commission.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Economy And Finance
- Improves Economic Growth+2Improves Small Business Support+1
- Governance And Ideology
- Improves Government Transparency+2Increases Federal Power+1
- Demographic And Interest Groups
- Good For Business Owners+2
- 12/2/2025
- Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 12/1/2025
- Motion to reconsider laid on the table Agreed to without objection.
- Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4952)
- On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H4952)
- DEBATE - The House proceeded with forty minutes of debate on H.R. 4430.
- Considered under suspension of the rules. (consideration: CR H4952-4953)
- Mr. Davidson moved to suspend the rules and pass the bill, as amended.
- 9/8/2025
- Reported (Amended) by the Committee on Financial Services. H. Rept. 119-247.
- Placed on the Union Calendar, Calendar No. 204.
- 7/25/2025
- 1 Cosponsor added.
- 7/22/2025
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 2.
- 7/21/2025
- 2 Cosponsors added.
- 7/16/2025
- Referred to the House Committee on Financial Services.
- Introduced in House
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Cleo FieldsDemocrat · Louisiana
James HimesDemocrat · Connecticut
Daniel MeuserRepublican · Pennsylvania